Amendment Would Offer Incentives To Banks To Encourage Lending
Washington, D.C., July 27, 2010 – After days of contentious dialogue among Democrats and Republicans, an amendment to create a $30 billion lending fund for small businesses passed its first key vote in the Senate leading the way to further debate and a vote on the Small Business Jobs Act (H.R. 5297). S. Amdt 4500 would give small banks, credit unions and similar-sized affiliates a booster (in the form of lower interest rates) to make loans to micro-businesses. The lending fund has the support of the White House and the National Association for the Self-Employed (NASE).
“With so many bills in consideration before the August congressional recess, it is important that lawmakers keep the momentum going on this vital small business legislation,” said Kristie Arslan, executive director of the NASE (Legislative Offices). “Congress had no qualms providing Wall Street with assistance, now it is time that Main Street get the help they need. We strongly urge the Senate to act now to ensure that the self-employed finally get some relief.”
The parent legislation for the lending fund amendment is the Small Business Jobs Act of 2010. The bill includes key policies that the NASE believes are beneficial to micro-businesses and the self-employed. In addition to containing a one-year business deduction for health care costs, it also increases aid to start-up businesses (up to $10,000 in deduction costs with a $60,000 phase-out) and increases Section 179 expensing ($500,000 with a $2 million phase-out in 2010 and 2011).
About the NASE The National Association for the Self-Employed (NASE) is the nation's leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's Web site at www.NASE.org.
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NASE.org is the official website of the National Association for the Self-Employed.
Courtesy of NASE.org https://www.nase.org/about-us/media-relations/PressReleases/2010/07/27/Small_Biz_Lending_Fund_Wins_Key_Vote_In_Senate